Wells Fargo said Gilead's Hepatitis C drug, Solvadi, will do better than expected. That research note gave shares a slight boost on Tuesday and could help reverse the stock, which has declined precipitously since March, Cramer said.

Getting long Gilead Sciences is not "a fool's errand" and growth stocks may be beginning to stabilize at current levels, he added.

Turning to Michael Kors (KORS), he was "a little nervous" about a rally higher from current levels.

While he admitted to liking Michael Kors, Cramer said there is a "tug of war" between bulls and bears, making it difficult to interpret which way the stock will go.

He said the company's lack of disclosure and clarity is not helping the situation, as pointed out by TheStreet's Herb Greenberg.